PayPal, Visa & Others Considering Withdrawal From Libra

After PayPal representatives didn’t show at a Libra Association meeting on Thursday, the Financial Times reported that the company is reconsidering its involvement with Facebook’s Libra project.

The payment company, which signed on as a founding member of the so-called Libra Association earlier this year, joins Visa, Mastercard, and Stripe on what seems to be a growing list of projects that are reportedly thinking of distancing themselves from Libra.

Bloomberg originally reported that PayPal, along with Visa, Mastercard, and Stripe, was “wavering over whether to officially sign on to the cryptocurrency project” earlier this week, citing anonymous sources familiar with the matter.

According to the report, the decision to reconsider stemmed from concerns over “maintaining positive relationships with regulators who have reservations about the project,” and believe that they were misled about the extent to which regulators were comfortable with the launch of Libra.

”We are very calmly, and confidently working through the legitimate concerns that Libra has raised by bringing conversations about the value of digital currencies to the forefront.”

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